SpeedUp participates in a €10.3M Series A round for German CYCLE

Berlin-based CYCLE, a provider of e-bikes for delivery services and couriers, has secured €10.3 million in a Series A funding round led by Scania Growth Capital. Among other investors are Local Globe, EnBW New Ventures, Visionaries Club, Third Sphere, Founder Collective, and SpeedUp Venture Capital Group.

• Launched in 2018 by Luis Orsini-Rosenberg and Nik Seilern, CYCLE provides a full-service mobility solutions for delivery services and couriers. CYCLE claims that its e-bikes can reduce last-mile delivery emissions by 90%. CYCLE’s B2B service is available in over 40 German cities. In addition, the startup is present in Austria, Italy, Poland, and the Netherlands. 
• Among its partners are Gorillas, Flink, Getir, Wolt, Lieferando, Mjam, and others. CYCLE also builds partnerships in the pharmaceutical/medicine delivery and parcel delivery sectors, positioning itself beyond quick commerce. 
• The round was led by Stockholm-based Scania Growth Capital, the hybrid venture capital fund powered by Scania and managed by East Hill Equity. The investment in CYCLE reinforces the company’s commitment to innovative and sustainable mobility solutions. 
• In the fresh round also participated Poznan-based SpeedUp Venture Capital Group, a group of venture capital funds, investing in enterprises in an early stage of development in CEE. The fund targets startups from areas such as: consumer internet, electromobility, energy, fintech, martech, adtech, medtech, IoT, and hardware. To date, in April 2023 it joined a €2 million round for Swobbee.
• CYCLE plans to use the investment for European expansion, including the UK, to attract new customers from sectors such as mail and parcel logistics. Additionally, CYCLE has plans for an expansion of its fleet.